Account Maintenance Charges collected upfront on annual/ half yearly basis on demat accounts

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.... account maintenance charge (AMC) from beneficial owners (BOs) towards maintenance of demat accounts for varied periodicity of collection (viz. monthly, quarterly, half yearly and annually). It has been noticed that in cases where AMC is collected on an annual upfront basis, on closure/shifting of demat account, the AMC for the balance period for which no service has been provided by the DP, is no....

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....e requirements shall be applicable to all existing and new accounts held with DPs which collect annual/half yearly upfront AMC. It is hereby clarified that the above requirements shall not be applicable to those DPs who collect quarterly/ monthly AMC. 5. The Depositories are advised to:- a) make amendments to the relevant bye-laws, rules and regulations for the implementation of the above decis....